Maze Therapeutics (MAZE) Q3 2026 earnings summary

Executive summary

• Clinical-stage pipeline centers on MZE829 for APOL1-mediated kidney disease and MZE782 for PKU and CKD; no product sales to date and continued operating losses expected.

• Q3 net loss widened to $48.0 million from $30.1 million as R&D and G&A spending rose; cash, equivalents and marketable securities totaled $477.0 million at September 30, 2026.

• HORIZON enrollment completed with more than 50 patients across three AMKD cohorts, exceeding the 10–15 patient target per cohort; final data are expected in early 2027.

Financial highlights

• Q3 license revenue was $0; operating expenses and operating loss were $51.5 million, versus $33.0 million in operating expenses and $30.1 million in net loss in Q3 2025.

• 9M license revenue was $20.0 million from a Shionogi MZE001 clinical milestone; net loss was $116.9 million versus $96.6 million in 9M 2025.

• Q3 R&D was $40.2 million and G&A was $11.3 million; 9M R&D was $109.3 million and G&A was $36.8 million.

• 9M operating cash use was $87.0 million; investing cash use was $153.6 million and financing cash inflow was $205.6 million.

Outlook and guidance

• Final HORIZON data across three AMKD subgroups are expected in early 2027 and intended to inform the pivotal program; MZE829 pivotal trial start is planned for H1 2027, subject to regulatory feedback.

• MZE782 PKU Phase 2 topline data are expected in 2027; its CKD Phase 2 trial is planned to begin in H1 2027.

• R&D and G&A expenses are expected to increase as clinical programs progress, the Compass platform and pipeline expand, and public-company costs rise.

• Current cash, equivalents and marketable securities are expected to fund operations into 2029 under the current business plan.